Gasoline Prices. The U.S. Energy Information Administration reports weekly figures on retail gasoline prices inWeekly Retail Gasoline and Diesel Prices. Every Monday, retail prices for all three grades of gasoline are collected by telephone from a sample of approximately 800 retail gasoline outlets out of a total of more than 100,000 retail gasoline outlets. For the 800 stations sampled on September 16, 2013, the mean price per gallon for unleaded regular gasoline was $3.547.a. Is the mean price given here a sample mean or a population mean? Explain your answer.b. What letter or symbol would you use to designate the mean of $3.547?c. Is the mean price given here a statistic or a parameter? Explain your answer.

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Asked Jan 21, 2020
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Gasoline Prices. The U.S. Energy Information Administration reports weekly figures on retail gasoline prices inWeekly Retail Gasoline and Diesel Prices. Every Monday, retail prices for all three grades of gasoline are collected by telephone from a sample of approximately 800 retail gasoline outlets out of a total of more than 100,000 retail gasoline outlets. For the 800 stations sampled on September 16, 2013, the mean price per gallon for unleaded regular gasoline was $3.547.

a. Is the mean price given here a sample mean or a population mean? Explain your answer.
b. What letter or symbol would you use to designate the mean of $3.547?
c. Is the mean price given here a statistic or a parameter? Explain your answer.

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Expert Answer

Step 1

a.

On observing the information, the mean price per gallon for unleaded regular gasoline for the sample of 800 stations is $3.547. therefore, the mean price given here is a sample mean.

Step 2

b.

The notation used to designate the mean ...

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